Cuban Ministry of Foreign Affairs' X account disabled amid Solana memecoin rug pull allegations
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The recent launch of a series of Solana-based memecoins attributed to Cuba’s Ministry of Foreign Affairs has raised questions about potential market manipulation, with allegations of a “rug pull” — a type of crypto scam where the creators abandon the project, leaving investors with worthless tokens.
The situation escalated when Cuba's official Ministry of Foreign Affairs account on social media platform X (formerly Twitter) became inactive following the controversy, reports The Block.
Crypto traders have been abuzz with accusations that the Cuban government may have launched multiple memecoins, quickly pumped their values, and abandoned them within hours. One well-known crypto trader, @Ashcryptoreal, claimed that Cuba initiated three separate memecoins in a 24-hour period, including a project dubbed “CUBA,” which allegedly saw its market cap soar to $30 million before crashing. The trader went on to describe how the country then launched "Cuba Coin 2.0" and a third token, "Justice for Cuba Coin," both of which followed the same rapid rise and sudden collapse pattern.
In a twist, screenshots circulated showing a fourth token titled "CUBA 4.0," further fueling speculation that these projects were part of a coordinated effort. However, just as quickly as the memecoins appeared, the Cuban Ministry’s X account, which had seemingly promoted these tokens, was locked from public view.
The crypto market reaction
Despite the Cuba-related allegations, the broader crypto market, including Bitcoin, performed well, with heightened interest in memecoins, particularly those minted on Solana. The launch of the Trump memecoin, coinciding with Donald Trump's inauguration, also contributed to the uptick in Solana’s activity.
In response to the alleged rug pulls, various Cuba-themed memecoins, such as "CUBA5" and "Cuba Hacked," appeared on decentralized exchanges, referencing the mounting online chatter. The Ministry of Foreign Affairs, however, has not yet issued a statement on the incident.
This event highlights the increasing risks of memecoin-related scams within the crypto space. The market’s volatility, combined with the anonymity of many projects, makes it challenging for investors to distinguish legitimate ventures from potentially fraudulent ones. As the situation continues to unfold, crypto enthusiasts are advised to remain cautious when engaging with lesser-known tokens.
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